Bitcoin Price Pulls Back to Support—Breakdown or Bounce Ahead?

Bitcoin price started another decline below the $96,800 zone, retesting the $95,500 support zone. The price failed to clear the $99,000 and $100,000 resistance levels, forming a top and starting a fresh decline. Currently, BTC is trading below $96,500 and the 100 hourly Simple moving average.

There is a key bearish trend line forming with resistance at $96,400 on the hourly chart. The immediate resistance is near $96,400, followed by $97,000 and $98,000. On the downside, immediate support is near $95,500, with major support levels at $95,200 and $95,000. Further losses could send the price towards $93,500 and $92,200.

The MACD is losing pace in the bearish zone, and the RSI for BTC/USD is below the 50 level. Overall, the price could start another increase if it stays above the $95,000 zone, with major resistance levels at $97,000 and $98,000.